How bad could it be? The effects of online fraud
As a merchant, being a victim of fraud can have a range of effects on your business. These effects include:
- Immediate financial loss due to stolen stock/earnings
- Damaged reputation
- Loss of customer trust
- Loss of investor confidence
- Lowered sales
- Extra costs of time/money to manage each fraud incident
- Lowered staff morale
- Possible legal costs
- Lowered value of your stock/services
- Additional bank fees for transaction reversal
- Potential problems retaining your merchant’s bank account after too many reversed transactions